A prominent trader says Bitcoin’s current trend is different from its 2023 performance, and remains bullish, targeting the $90,000 range.
55 minutes ago
Prominent crypto trader Killa posted a note stating that the market is currently drawing parallels between Bitcoin’s price action and its pullback after the 2023 rally to $25,000, though the two market structures are markedly different. In 2023, BTC only formed equal highs around $25,000, failing to close sustainably above that level before plunging sharply. By contrast, BTC has now formed higher highs on the weekly timeframe and is consolidating above its prior resistance level post-breakout. Additionally, the last bear market saw a maximum drawdown of roughly 77%, while this cycle’s stands at around 54%. Killa argues that, accounting for diminishing returns and progressively smaller pullback magnitudes, the main correction in this bull cycle could be closer to 10% to 15%, corresponding to roughly $78,000 and $74,000 respectively. He noted that even if Bitcoin repeats a similar pattern, it would not necessarily breach previous lows as sharply as it did in 2023. Open interest has now reset, prices remain above prior highs, and the market structure looks healthy to him. Killa has not positioned for a major pullback and still targets the $90,000 range.
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